Luck Is What Happens When Preparation Meets Opportunity

Luck Is What Happens When Preparation Meets Opportunity

By Russell Bowyer

There is a great saying I learned a few years ago that is very appropriate for when you learn something new.

The saying “luck is what happens when preparation meets opportunity“, when used in the context of buying a business, is you’re more likely to find a business to buy if you acquire the knowledge, skills, and insights into buying a business; thereby priming yourself for a successful acquisition.

Which in the case of learning to buy a business, by you gaining the knowledge of how to buy a business, is part of your preparation, so you can spot the opportunity or opportunities when they present themselves to you.

Something very important to this saying is when it’s aligned to what’s called your reticular activating system.

Your reticular activation system (or RAS) plays a pivotal role in aligning your focus with your goals, especially when it comes to learning how to buy a business.

It acts as a filter, directing your attention towards relevant information and opportunities when it comes to business acquisition.

It’s a bit like when you buy a new car, you suddenly start seeing more of the same car on the road.

It’s not that there are more of these cars on the road, it’s because your RAS is tuned in to spotting them.

When you consider the adage, “Luck is when preparation meets opportunity.” Your RAS contributes significantly to this concept.

As you prepare yourself by acquiring knowledge, skills, and insights into buying a business, you’re essentially priming yourself for potential opportunities.

When these opportunities arise—be it a promising business for sale, a valuable partnership, or a strategic investment—your preparedness allows you to recognise and seize the opportunity.

By training your RAS to focus on your goal to purchase a business, you’re essentially aligning your preparation with the potential opportunities that may arise in the market.

By adopting this proactive approach, you will be in a position to recognise and capitalise on these opportunities more readily, as they present themselves to you.

Therefore, by nurturing your understanding of the business acquisition process, and by learning the steps it takes to buy one, including how to finance the acquisition, where to find businesses to buy, how to value a business, negotiation skills, due diligence and so on, means you are guiding your RAS to find businesses and you are creating your own luck.

Preparing yourself is a critical component to what many consider ‘luck.’ Whereas what actually happens is that luck, in essence, becomes a product of your preparation meeting the opportune moments that present themselves in the world of business acquisition.

If you have any questions on this topic about buying a business, or on any other aspect about the process involved in buying a business, please drop a comment below.

And always remember that no question is a stupid question, if you don’t know it, you don’t know it, and by having the answer to a question you have, might be all it takes to move to the very next step in your journey to buy a business.